Reports by Reuters claimed that shares of Alibaba Group Holding Limited listed in Hong Kong fell on Monday over seven percent to HK$212.20 ($27.37) after the company raised its share repurchase programme to $10 billion from $6 billion.
Alibaba Group Holding Limited has raised its share repurchase programme to $10 billion from $6 billion.
The international medium quoted Alibaba to have said: “This Share Repurchase Program will be effective for a two-year period through the end of 2022,”
It was said that China’s market regulator launched an antitrust investigation into Alibaba last week, part of an accelerating crackdown on anticompetitive behaviour in China’s booming internet space.
Techeconomy.ng gathered that the financial regulators on Sunday also urged Ant Group Co, an Alibaba affiliate, to rectify financial regulatory violations, after Chinese regulators abruptly suspended Ant’s blockbuster $37 billion initial public offerings in Shanghai and Hong Kong.
It was learnt that Alibaba rival internet companies Meituan fell over five per cent and JD.com dropped more than two per cent.